Ethereum Weekly Review: Market sentiment is low, and a bearish trend is evident.
Last week, the long-term strategy suggested a market trend that aligned with a decline of over 400 points. Currently, the overall market sentiment does not show a clear upward trend, and this week we continue to layout short positions at high levels.
From the four-hour chart analysis, the current price is showing a converging triangle consolidation pattern, with the volatility gradually narrowing, indicating that the market is in a phase of oscillation and accumulation before choosing a direction.
Meanwhile, the MACD indicator's volume bars continue to shrink, and the two lines remain below the zero axis, maintaining a bearish arrangement, indicating that while the bearish momentum has weakened, the overall trend still leans bearish.
Ethereum rebounds at 3050, setting short positions near 3120, adding to the position at 3170, with a stop loss around 3210, and targeting 2850 and near 2770.
